Alternatively, if they didn't short-sell in advance, they'd only have a 10% buffer on the stock issued by the company to them. In illiquid stocks, the opportunity to sell out at a profit can disappear quickly, potentially leaving them holding the baby, so to speak.
I know I will be accused of downramping, but just trying to figure out how Acuity make their money, as a 10% buffer doesn't seem like a big buffer for them to consistently make money.
Alternatively, if they didn't short-sell in advance, they'd only...
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